PRESS RELEASE Malabo - 25th April, 2006 Ratification of Block R and Block S Production Sharing Contracts The Ministry of Mines, Industry and Energy is pleased to announce that the Production Sharing Contract (PSC) for Block S, offshore Rio Muni signed between the Ministry of Mines, Industry and Energy, the National Oil Company of Equatorial Guinea (GEPetrol) and the China National Offshore Oil Corporation (CNOOC) Africa Limited, a subsidiary of the China National Offshore Oil Company (CNOOC) Ltd, was ratified by the Government of Equatorial Guinea on April 20th, 2006 and became effective as of this date. Block S covers a total area of approximately 2,287 sq km, offshore Rio Muni, immediately to the west of the Amerada Hess operated Okume Complex, which is currently under development, and surrounding the Amerada Hess operated Ceiba Field, which currently produces 40,000 barrels of oil per day. Water depths in Block S range from 30 to 1500 meters. The Ministry of Mines, Industry and Energy is also pleased to announce that the Production Sharing Contract (PSC) for Block R, offshore Bioko, signed between the National Oil Company of Equatorial Guinea (GEPetrol) and Ophir Energy Company Limited and approved by the Ministry of Mines, Industry and Energy, was ratified by the Government of Equatorial Guinea on April 19th 2006 and became effective as of this date. Block R covers a total area of approximately 2,681 sq km, offshore, Bioko, immediately to the south of the ExxonMobil operated Block C. Water depths in Block R range from 1200 to 2000 meters.